RAWALPINDI: Minister for Finance and Revenue Miftah Ismail on Wednesday assured traders that he would take up their issues at the cabinet meeting.

He was talking to a delegation led by Rawalpindi Chamber of Commerce and Industry (RCCI) President Nadeem Rauf in Islamabad.

Chairman Federal Board of Revenue (FBR) Asim Ahmed was also present on the occasion. The delegation included RCCI group leader Sohail Altaf, former presidents Dr Hassan Saroush, Asad Mashhadi, Raja Amir Iqbal, Zahid Latif Khan and chairman of the RCCI tax affairs committee Faraz Fazal.

Issues related to importers and exporters, revision of list of import banned items, deemed rental income, poultry feed, furniture, tax matters, sales tax and duties were discussed during the meeting.

The minister said that top priority of the government was to facilitate the business community. The matter regarding a one-time exemption on Bill of lading (BL) items that are banned from import will be taken up in the Cabinet. He assured the delegation that the issue would be resolved in consultation with the stakeholders to address their concerns over deemed rental income.

Regular contacts and consultations with the business community will be intensified to get their feedback, an agreement with the IMF will be reached soon, he added.

RCCI President Nadeem Rauf told the minister that the construction sector has been affected by the imposition of tax on deemed rental income in the budget.

He said industrial zones should be set up in Rawalpindi; special economic zones should be set up in Rawalpindi under CPEC.

An expo centre is the need of the hour. The list of banned import items should be revised as it is likely to increase smuggling, he added.

He said that it was a welcome step that the FBR chairman was also present in the meeting who listened to their demands on tax matters in detail and took suggestions.

To overcome the current economic challenges, it is necessary to provide relief to the business community to increase business activities.

He further suggested that government must introduce sector-based incentive packages, and formulate policy in consultation with stakeholders.

Published in Dawn, July 14th, 2022